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Recent
"MSTR can't legally buy back their preferreds unless its for par value of $100."
This is a legitimate concern echoed by some investors...but is it true?
Let's take a look at the prospectus and run the numbers 👇
This is a legitimate concern echoed by some investors...but is it true?
Let's take a look at the prospectus and run the numbers 👇
While there are other preferreds to consider, STRK would be a perfect candidate to redeem back as its trading 42% below par with an effective yield of 13.7%.
On page SA-22 of the prospectus, it explicitly states that they can repurchase STRK Stock "in the open market or otherwise, whether through private or public tender or exchange offers, cash-settled swaps or other cash-settled derivatives."
Source: sec.gov/Archives/edgar…
On page SA-22 of the prospectus, it explicitly states that they can repurchase STRK Stock "in the open market or otherwise, whether through private or public tender or exchange offers, cash-settled swaps or other cash-settled derivatives."
Source: sec.gov/Archives/edgar…
So why would this be a good idea?
1. Balance-sheet gain
MSTR spends $58 to erase a $100 liquidation preference.
That captures a $42 discount per share (a 42% discount to par).
For every $58 of cash or stock deployed, $100 of senior face ranking ahead of the common is permanently retired.
Common equity's residual claim on the bitcoin stack expands by that $100 of cleared senior obligation.
2. Dividend savings
Each retired share eliminates the $8/year dividend obligation (8% on the $100 par).
On a $58 purchase, that's a yield-to-cost of $8 / $58 ≈ 13.8%.
MSTR is effectively "earning" ~13.8% by retiring the obligation, versus the 8% stated coupon on par.
The deeper the discount, the more accretive
3. Accretion math
With positive mNAV, MSTR issues common via ATM at a premium to underlying BTC and uses the proceeds to retire STRK at 58 cents on the dollar of face.
The double arbitrage widens: sell equity above intrinsic, retire senior claims at a 42% discount.
1. Balance-sheet gain
MSTR spends $58 to erase a $100 liquidation preference.
That captures a $42 discount per share (a 42% discount to par).
For every $58 of cash or stock deployed, $100 of senior face ranking ahead of the common is permanently retired.
Common equity's residual claim on the bitcoin stack expands by that $100 of cleared senior obligation.
2. Dividend savings
Each retired share eliminates the $8/year dividend obligation (8% on the $100 par).
On a $58 purchase, that's a yield-to-cost of $8 / $58 ≈ 13.8%.
MSTR is effectively "earning" ~13.8% by retiring the obligation, versus the 8% stated coupon on par.
The deeper the discount, the more accretive
3. Accretion math
With positive mNAV, MSTR issues common via ATM at a premium to underlying BTC and uses the proceeds to retire STRK at 58 cents on the dollar of face.
The double arbitrage widens: sell equity above intrinsic, retire senior claims at a 42% discount.
The second part of the afternoon session is expected to resume soon. Earlier coverage, abbreviations, background information, pronoun direction in the QT.
We resume.
NC - [discussing the order, came in late]
Cannot hear the judge.
NC - [discussing the order, came in late]
Cannot hear the judge.
Apparently someone seated at bench behind the advocates phone has been flashing.
WARNING - WE CANNOT HEAR THE JUDGE
AL - hopefully, you should have the C's supplemental bundle as well
J - inaudible
AL - for tomorrow's purposes if the Tribunal could have that it would help me
WARNING - WE CANNOT HEAR THE JUDGE
AL - hopefully, you should have the C's supplemental bundle as well
J - inaudible
AL - for tomorrow's purposes if the Tribunal could have that it would help me
First #SCOTUS ruling today, Watson v. Republican National Committee.
ACB majority for herself, Chief, and 3 libs. Held: The federal election-day statutes do not prevent Mississippi from counting absentee ballots postmarked by election day but received up to five days thereafter; nothing in the federal election-day statutes requires ballots to be received by election day.
ACB majority for herself, Chief, and 3 libs. Held: The federal election-day statutes do not prevent Mississippi from counting absentee ballots postmarked by election day but received up to five days thereafter; nothing in the federal election-day statutes requires ballots to be received by election day.
Here's Watson ruling: supremecourt.gov/opinions/25pdf…
Alito dissent in Watson, joined by Thomas, Gorsuch, Kavanaugh (in large part).
How we have financed the vast majority of our value-add deals:
1. Buy all cash
2. Renovate all cash
3. Upon stabilization, refinance with a long term loan to pull out and return capital
(One core insight: The rich people who put $$ into private real estate deals often don't love to borrow at the rates demanded by bridge lenders. At 10% or 15% or whatever, they want to be *lenders* not *borrowers*.)
1. Buy all cash
2. Renovate all cash
3. Upon stabilization, refinance with a long term loan to pull out and return capital
(One core insight: The rich people who put $$ into private real estate deals often don't love to borrow at the rates demanded by bridge lenders. At 10% or 15% or whatever, they want to be *lenders* not *borrowers*.)
Another, more painful insight:
If you aim to be a long-term holder and you also want to avoid including mandatory capital call provisions in your operating agreements, then, whatever you think the safe amount of leverage is for your deals, it's probably lower than that.
If you aim to be a long-term holder and you also want to avoid including mandatory capital call provisions in your operating agreements, then, whatever you think the safe amount of leverage is for your deals, it's probably lower than that.
One benefit of this arrangement is that you are not at anyone's mercy.
If things go poorly (within the deal itself, with the rental market, with interest rates, etc.), you can always just stabilize, hold all-cash, accept the resulting yield, and wait for better days.
If things go poorly (within the deal itself, with the rental market, with interest rates, etc.), you can always just stabilize, hold all-cash, accept the resulting yield, and wait for better days.
HABITS I STOLE FROM WOMEN WHO ARE ALWAYS CALM AND UNBOTHERED.
1. Deep-clean your room.
1. Deep-clean your room.
1. Deep-clean your room from ceiling to floor in one sitting. The mess piling up isn't only physical, it's your inner state made visible, broadcasting back at you all day. Every avoided corner is a small thing you've decided you don't have energy for, and your brain logs every one. Tidy it all in one pass and you hand your mind permission to settle too.
2. Sit down and delete a thousand photos you'll never revisit. Your phone has become a hoarder's attic you carry everywhere. Blurry duplicates, screenshots, photos of people who hurt you, a life you've outgrown. Clearing it lightens something you didn't realize you were dragging around. You're deciding what's worth keeping and what you're finally allowed to let go of
Supreme Court declines to take up a challenge brought by New York healthcare workers who were fired after choosing not to get the Covid shot on religious grounds. Only Justices Thomas, Alito, and Gorsuch would have heard it.
Gorsuch: “I hope, too, that one day soon this Court will choose to settle the question so that other Americans seeking to vindicate their civil rights do not suffer the same fate as those now before us.”
Trump threatened a 100% tariff on any European country that imposes a tax on US tech firms. The tariff would take effect immediately.
It would override every trade deal those countries had already signed with US, including the EU tariff pact reached in May — The Guardian. 1/
It would override every trade deal those countries had already signed with US, including the EU tariff pact reached in May — The Guardian. 1/
Trump: Any country that imposes such a tax will be met with a 100% TARIFF on any and all Goods sent to the United States of America.
He said numerous European countries had discussed the tax and some were close to actually doing it. A larger EU-US trade war could follow. 2/
He said numerous European countries had discussed the tax and some were close to actually doing it. A larger EU-US trade war could follow. 2/
rance, Spain and Italy each levy a 3% digital services tax on large firms in their markets. Other EU states have done the same or proposed it.
The UK runs a separate 2% tax on social media platforms, large search engines and online marketplaces that profit from UK users. 3/
The UK runs a separate 2% tax on social media platforms, large search engines and online marketplaces that profit from UK users. 3/
Trade diplomats the world over tend not to be the best macroeconomist --
"It [Chinese state media] said Chinese companies were no longer as concerned about the European market because they now had options such as south-east Asia or the Middle East."
1/
"It [Chinese state media] said Chinese companies were no longer as concerned about the European market because they now had options such as south-east Asia or the Middle East."
1/
As the FT notes, China's surplus with SE Asia is a derivative of US tariffs/ low cost assembly of components in SE Asia ... basically it is a reflection of US demand
2/
2/
in the Chinese data, the US, ASEAN and the EU general bilateral surpluses equal to about three quarters of China's global surplus (with some Asian netting of HK)
-- So the real statement is that the US market is still an alternative to the EU market right now
3/
-- So the real statement is that the US market is still an alternative to the EU market right now
3/
🇷🇺 Russia just got caught paying 🇺🇦 Ukrainian war refugees to protest against their own country - INSIDE 🇵🇱 Poland. 🚨 Poland's internal security service (ABW) blew up the entire network. 11 people detained for deportation. Here's exactly how the operation worked.
Since autumn 2025, 9 Ukrainians and 2 Belarusians were secretly recruiting AND PAYING fellow refugees to show up at protests across Poland. Not activism - a financed influence op. The cash and the orders? Traced straight back to Russia and Belarus, according to ABW.
This isn't speculation. Poland's own minister coordinating the special services, Tomasz Siemoniak, confirmed it publicly: a Russian-inspired, Russian-funded attempt to manipulate Ukrainian refugees on Polish soil. Read that twice. ⚠️
⚠️WARNING, GRAPHIC CONTENT⚠️
On October 7, 2023, Hamas terrorists massacred 1,200 people and kidnapped 251 others. October 7 survivors are continuing to speak up and what they endured at the hands of Hamas terrorists is something no human being should ever experience. The world must never forget. This is the testimony of Mia Schem. A thread. 🧵
On October 7, 2023, Hamas terrorists massacred 1,200 people and kidnapped 251 others. October 7 survivors are continuing to speak up and what they endured at the hands of Hamas terrorists is something no human being should ever experience. The world must never forget. This is the testimony of Mia Schem. A thread. 🧵
At 6:29am on October 7, the music stopped at the Nova festival.
Seconds later, rockets filled the sky.
Mia tried to run. A Hamas gunman shot her in the arm at point-blank range. She screamed: "I lost my hand, I lost my hand."
Seconds later, rockets filled the sky.
Mia tried to run. A Hamas gunman shot her in the arm at point-blank range. She screamed: "I lost my hand, I lost my hand."
She watched her best friend, Elia Toledano, taken captive with his arms tied behind his back.
She would never see him again. His body was later recovered by the IDF.
Then the terrorists came for her.
"Welcome to Gaza," one screamed.
She would never see him again. His body was later recovered by the IDF.
Then the terrorists came for her.
"Welcome to Gaza," one screamed.
If you draft the WRONG players in fantasy this year, it can sink your entire season...
Here are 5 busts to avoid in 2026:
Here are 5 busts to avoid in 2026:
WR: Zay Flowers (BAL)
He finished as the WR7 last year with 1,211 yards (career-best).
The new OC figures to open up the passing game.
So why is he a bust risk?
He finished as the WR7 last year with 1,211 yards (career-best).
The new OC figures to open up the passing game.
So why is he a bust risk?
The Ravens ranked 27th in passing yards last season behind Lamar.
That low volume ceiling hasn't gone away.
He's also projected for the 7th-hardest WR SOS in 2026.
Great talent. Not good enough for fantasy.
That low volume ceiling hasn't gone away.
He's also projected for the 7th-hardest WR SOS in 2026.
Great talent. Not good enough for fantasy.
The words you repeat every day might be stealing your wealth
How many times today did you say:
“I’m broke.”
“I can’t afford that.”
“Money is always tight.”
Be honest.
Count them.
Maybe you weren’t complaining.
Maybe you were just describing your situation.
But our words shape the way we see Allah’s blessings.
“I’m broke.”
“I can’t afford that.”
“Money is always tight.”
Be honest.
Count them.
Maybe you weren’t complaining.
Maybe you were just describing your situation.
But our words shape the way we see Allah’s blessings.
Allah says:
“If you are grateful, I will surely increase you. But if you are ungrateful, indeed My punishment is severe.” (Qur’an 14:7)
Gratitude isn’t pretending everything is perfect.
It’s recognizing that every blessing big or small - is from Allah.
“If you are grateful, I will surely increase you. But if you are ungrateful, indeed My punishment is severe.” (Qur’an 14:7)
Gratitude isn’t pretending everything is perfect.
It’s recognizing that every blessing big or small - is from Allah.
